ResMed: Demand is ‘incredibly strong’
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By HME News Staff
Updated 3:27 PM CDT, Thu August 1, 2024
SAN DIEGO – ResMed reported revenues of $1.2 billion for the fourth quarter of fiscal year 2024, a 9% increase year over year.
It reported a net income of $292.2 million vs. $229.7 million.
“Our fourth quarter and full-year fiscal year 2024 results demonstrate strong performance across all sectors of our business,” said Mick Farrell, chairman & CEO. “Ongoing patient and customer demand for our best-in-class products and software solutions is incredibly strong, driving solid growth across our devices, masks, and software businesses. The global ResMed team’s focus on operating excellence, ongoing cost discipline, and profitable growth acceleration resulted in gross margin expansion, strong operating leverage, and double-digit growth in bottom-line profitability.”
ResMed reported revenues in the U.S., Canada and Latin America, excluding software as a service, grew 10% in the quarter. It reported revenue for SaaS also increased 10%.
Other highlights from the quarter:
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Gross margin improved 90 bps to 56.7%; non-GAAP gross margin improved 120 bps to 57.7%
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Income from operations increased 17%; non-GAAP income from operations up 21%
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Operating cash flow of $1.4 billion and debt repayments of $0.8 billion
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Diluted earnings per share of $6.92; non-GAAP diluted earnings per share of $7.72.
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